Retail Industry
Industry: Email Alert RSS FeedCamelot Music completes merger
Discount Store News, August 10, 1998
NORTH CANTON, OHIO - Camelot Music has completed its $28 million merger with the 42-store Spec's Music chain based in Miami.
With a total of 70 stores in Florida following the Spec's merger, Camelot is now in position to take advantage of the rapidly growing Latin music genre.
Camelot, which now has 500 stores in 37 states, reported revenues of $113.5 million for the first quarter ended May 30, up 37% from the year-ago period. Net income for the quarter was $2.6 million, compared with a loss of $3.9 million for the year-ago period.
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Camelot's management attributed the gain in large part to last year's acquisition of The Wall, a 150-store chain based in New Jersey.
COPYRIGHT 1998 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
COPYRIGHT 2008 Gale, Cengage Learning
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